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Practice Exam
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1
The following data (in thousands of dollars) have been taken from the accounting records of Cody Corporation for the most recent year.

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The cost of the raw materials used in production during the year (in thousands of dollars) was:
A)$180.
B)$300.
C)$320.
D)$380.
2
The following data (in thousands of dollars) have been taken from the accounting records of Cody Corporation for the most recent year.

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The cost of goods manufactured (finished) for the year (in thousands of dollars) was:
A)$1,000.
B)$1,040.
C)$1,080.
D)$1,180.
3
The following data (in thousands of dollars) have been taken from the accounting records of Cody Corporation for the most recent year.

<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0073048836/346044/01_q03.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (18.0K)</a>

The cost of goods sold for the year (in thousands of dollars) was:
A)$1,000.
B)$1,160.
C)$1,320.
D)$1,400.
4
The following data (in thousands of dollars) have been taken from the accounting records of Cody Corporation for the most recent year.

<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0073048836/346044/01_q04.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (18.0K)</a>

The net income for the year (in thousands of dollars) was:
A)$300.
B)$400.
C)$500.
D)$980.





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